Gaja Alternative IPO

Alternative Asset Management (AIF/PE Fund Manager) - Listed on 26 August 2026

+15.6% listing gain
Issue Price (Upper)
Rs 160
Listing Price
Rs 185
Closing Price (NSE)
Rs 168.67
Total Subscription
32.98x

Gaja Alternative IPO listing summary

Gaja Alternative (Alternative Asset Management (AIF/PE Fund Manager)) closed its IPO window in 2026 and listed on NSE and BSE on 26 August 2026 at an upper band issue price of Rs 160, opening at Rs 185 for a listing gain of +15.6% and closing day one at Rs 168.67 (+5.4% on closing basis). The IPO was subscribed 32.98x overall - QIB 45.87x, HNI/NII 65.63x, Retail 11.62x. The total issue size was Rs 550 Cr (Fresh Issue Rs 450 Cr, OFS Rs 100 Cr). IPO GMP data, subscription trends across Day 1 - Day 3 and Nifty performance around the listing window are detailed below.

About Gaja Alternative

Alternative Asset Management (AIF/PE Fund Manager)

Gaja. Alternative is an alternative asset manager and fund-management platform serving investors through private-market and alternative investment strategies. Performance depends on fundraising, deployment and fee income. That places. Gaja. Alternative in a segment where demand can be affected by customer spending, competition and the pace of capacity expansion. Its operating results are shaped by the balance between volume growth, pricing, input costs and the company’s ability to use its existing capacity. Its day-to-day performance is likely to be read through operating volumes, margins, working capital and the quality of its disclosed customer or project pipeline. This description is intended to explain the company’s business in plain language; the statutory filings remain the source for detailed risks and financial claims.

About Gaja Alternative IPO

Issue structure, listing outcome and context

The ₹550 crore. IPO included a ₹450 crore fresh issue at ₹160. The company planned to use the proceeds for growth and general purposes; the stock listed at ₹185. It combined a fresh issue of ₹450 crore with an offer for sale of ₹100 crore. The stock listed at ₹185, a reported opening gain of 15.63%. The issue proceeds should be read against the stated objects in the offer documents, rather than treated as a guarantee of future growth. For a complete view of the offer, readers should check the final prospectus, the exchange listing notice and the company’s subsequent disclosures.

Listing day performance

Listing Gain (Open)
+15.63%
Listing Gain (Close)
+5.42%
Day Change After Listing
-8.83%
Retail Quota
35.0%

Subscription breakdown

Final (Day 3) subscription

Number of times each investor category subscribed by close of Day 3.

QIB45.87x
HNI / NII65.63x
Retail11.62x
Overall32.98x

Day-wise overall subscription

How overall subscription built up across the three-day issue window.

Day 10.90x
Day 22.56x
Day 3 (Final)32.98x

Gaja Alternative IPO GMP history

Grey market premium (GMP) tracked day-by-day across the IPO window. Absolute GMP is the premium in rupees over the upper issue price; GMP % is that premium as a percent of the issue price.

DayGMP (Rs)GMP %
Day 1Rs 14+8.75%
Day 2Rs 17+10.63%
Day 3Rs 11+6.90%
Day 4Rs 18+11.25%
Day 5Rs 20+12.50%

GMP Prediction vs IPOGyani AI Prediction

Comparison between market-based GMP prediction and IPOGyani's AI-powered listing gain prediction.

GMP Prediction Range
6.9%-12.5%
IPOGyani AI Prediction
11.6%
Actual Listing Gain
+15.6%

Prediction Accuracy: 4.0 pp (Reasonably accurate)

Issue & financials

Issue SizeRs 550 Cr
Fresh IssueRs 450 Cr
OFSRs 100 Cr
IPO PE28.32
Peer / Sector PE39.42
PE vs Sector Ratio0.72
Latest EBITDA (Cr)53.07
Debt / Equity0.07

Market context at listing

How the broader market moved around the Gaja Alternative IPO window. Helpful for isolating how much of the listing gain came from company fundamentals vs. market tailwind.

Nifty 3D Return-0.18%
Nifty 1W Return-0.08%
Nifty 1M Return+0.08%
Nifty during IPO window-0.08%

Gaja Alternative IPO - FAQs

What was the listing gain of Gaja Alternative IPO?

Gaja Alternative IPO listed at +15.6% versus the upper issue price of Rs 160 on 26 August 2026.

How many times was Gaja Alternative IPO subscribed?

Gaja Alternative IPO was subscribed 32.98x overall. QIB portion was subscribed 45.87x, HNI / NII 65.63x and Retail 11.62x.

What was the IPO GMP for Gaja Alternative?

IPO GMP started at Rs 14 on Day 1 and moved to Rs 20 by the close of the issue window. See the day-by-day GMP table above for the full trajectory.

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